PT Bumi Resources (BUMI) Q4 2024 earnings summary

Executive summary

• Total coal production for FY2024 was 74.7 million tonnes, down from 77.8 million tonnes in 2023, mainly due to a land dispute at Arutmin, though KPC production increased.

• Realized coal prices fell to $71.8/tonne from $81.3/tonne year-over-year, reflecting global market trends.

• Net income for FY2024 reached $90.1 million, with Q4 profit at $67.5 million, enabling a quasi-reorganization process.

• Consolidated financial statements for 2024 and 2023 were audited and received an unqualified opinion, confirming fair presentation in accordance with Indonesian Financial Accounting Standards.

• The group continues to focus on operational excellence, cost efficiency, and strategic development of subsidiaries amid a deficit and negative operating cash flow.

Financial highlights

• Revenue (consolidated) was around $5.7 billion, including KPC’s full costs and revenues.

• Adjusted EBITDA for 2024 was $294.3 million (company share).

• Net profit attributable to owners was USD67.5 million in 2024, up from USD10.9 million in 2023.

• Total assets as of December 31, 2024 were USD4,163.4 million, with total liabilities of USD1,299.2 million and equity of USD2,864.2 million.

• Operating cash flow was negative, with net cash used in operating activities of USD712.1 million in 2024.

Outlook and guidance

• 2025 production guidance: 79–81 million tonnes (KPC: 55–56m, Arutmin: 25–26m).

• Price guidance: $64–$69/tonne overall; KPC $70–$75, Arutmin $50–$55.

• The group aims to increase production volumes, reduce costs, and enhance efficiency.

• Market expected to remain depressed in early 2025 due to trade/tariff wars, with potential recovery in 3–4 months.

• Strategic focus includes accelerating development of BRMS and other subsidiaries to leverage stable commodity prices.